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Assignment One - Step OneIntroduction and Chapter 1 KCQsACCT11059Accounting, Learning and Online CommunicationCentral Queensland UniversityCassie Phillips | 12105412There are many things that have surprised me already in this unit and it’s not even week 1 yet. Firstly, the fact that Martin has taken the time to write all the chapters in this unit, I was very impressed. This makes me excited for the unit as I can see how much he cares for our success and learning journey. I haven’t studied in a long time and I could not even tell you the last time I wrote an assignment. So, when Martin stated that this was an introductory unit and as long as we work together everyone should pass, I was relieved. Having tasks due every week also brings me relief, I know, this may sound strange to some people, but knowing that I will have constant motivation every week instead of leaving everything to the last minute, well I’m happy with that.Me having a blog is something I never expected I would be doing, let alone being required to do, in a Bachelor of Accounting. I was terrified of having to write something about myself and post it for the world to see. So, to be honest I had set it up and kept it private until a few students, braver than myself, had posted theirs. Once I took it off private, I thought of how silly I was acting. What did I think was going to happen? What was I afraid of? Everyone has been so positive and friendly, and they are most likely going through the same emotions as myself. You can find my blog here , please feel free to visit and check it out. The idea of Peerwise on the other hand, this made me excited. I wanted to jump on straight away, so I began to read the chapters and once I finished, I quickly logged on. Once I did, Martin was right, super addictive. I find myself logging in almost every day to answer the new questions that have been written, and by the amount of questions that are appearing every day I can tell Peerwise is addictive for other students as well. I hope I come across this again throughout my degree, it allows us to learn off each other in such a fun friendly way, what a great idea.Before starting this unit, I thought accounting was using financial information to help make decisions for a business. I remember doing accounting in high school, we took the information from the business and decided on various ideas such as; should the business expand, should the business outsource, should the business have less staff, etc. I quickly realised that there is a lot more to accounting. After reading the introduction and chapter 1 my view on accounting has changed. Now I believe accounting is a business model that you use to read information in order to discover the position of a firm. This has also had me thinking, what if the information is read wrong? Can the information be read incorrectly? Is that the difference between a good or bad accountant? As I continue through this unit, I am hoping to discover the answers to these questions. What do I think value is? I think value could be described as a way to measure how much something means to you. Something sentimental or irreplaceable, I had never associated the word value with business. Stating that businesses create, destroy, or exchange value was a new concept to me. I had always viewed firms in a way of making or losing money, I have now discovered there is much more to it. How does the role of accounting help increase value in a firm? How does value differ from business to business?Before reading the study guide, I had never really thought about all the different types of businesses, or even how each business would be run. I would just pass them on the street without a second thought. Now my eyes have been opened, I find myself passing a business wondering about the different types and how they are organised. Either; a sole trader, partnership, company, or even a trust. I had no idea there were so many different ways, this makes me question about the business in which I work at. I work for a non-for-profit organisation, I am unsure on what category this fits into, or are these types of organisations their own category. Do they have the same rules as the others? Do they have the same laws that need to be followed? These questions come to mind when thinking about the place I work. Further down the track in this unit I am certain these questions will be answered. I remember double entry accounting from high school, I knew it required me to record each transaction in 2 accounts, and that’s about all I knew. I don’t remember if we were taught the history behind it, and I don’t think we were taught the principles behind this system either, we were just taught how to do it and kept doing exercises until it was edged into my brain. The wrong way to learn, I know this now because even though I could recite everything in the exams at high school, I cannot for the life of me recite everything today. I’m excited to learn more about this system. I feel with a new way of learning I will be able to understand the concepts in more detail. I also wonder if another system of recording has been created? If so, why did these new systems not work? How has this way of recording transactions “survived” so long in our society? Confidence is something that I lack, but very willing to learn how to gain. I have discovered that with this new-found way of learning confidence is key. I need to be confident in the viewpoints that I gather from the key ideas discussed. When I have confidence mixed with the new way of learning, I will be able to discuss them with my own words and relate the concepts to my own life, this ensures I understand them not just regurgitate the information learned. I have concerns and questions though, what if the idea I have created from the concept is incorrect? How can I make sense of something I don’t understand? I’m not sure how I can relate everything back to my life. I have always relied on teachers being there for me, I guess you could say I was a lazy learner. I hope over this unit I can build my confidence and take charge of my own learning.When reading about the 2 books of accounting I felt confident, they were something I could understand, something I could make sense of quite easy. I had dealt with these books in the past and I could easily connect what I was reading with what I have learnt. I remember in high school I would always confuse them, I could never remember which book was for daily transaction in order of time and which book was used to sort the transactions in order of accounts. Now being able to relate to certain information, such as the word journal relating to journalist (whom published papers daily), I’m sure I won’t confuse them again in the future. I am curious to discover how the digital generation will affect the evolution of books in accounting, and if this will change how accounting is done in the future. I really liked the accounting equation. It helped me view the accounting model where I could actually see the owners being separate from the firm rather than just discussing about it. This was a section in the study guide that helped me connect all the concepts behind what I just learnt. I feel very different about the equation knowing the history on why it was created and why it is the way it is, rather than in high school. We learnt the equation but were never told about the ideas behind it, this made it quite difficult to remember, even in the exams. Now I have a new understanding, which makes me strangely excited for not only this unit but the rest of my degree. Reading about the revenue and expense accounts was another real eye opener for me. I knew they were accounts for a business, but I had no idea on how they were used by a firm. I was beginning to feel like learning accounting in high school was a waste of my time. I have learnt more in the 2 weeks before uni has begun than in the 2 years at high school. I remember I always used to confuse the beginning of the income statement and balance sheet. One began with ‘as at ….’ And one began with ‘for the period of’. Now I know the ideas behind why the revenue and expense account were created, I feel if I was asked in 10 years what the statements begin with, I could easily answer without getting them confused. The more I read, the more excited I get, I feel the chapters keep ‘connecting the dots’ to the knowledge I have learnt in the past. I feel with this new way of learning and with my lectures and peers support, I will be able to gain extensive knowledge. Not only just in accounting, also new ways to communicate online, and to become an active learner. I cannot express enough that I am very eager to get started and see where this accounting journey will take me. ................
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